Swiss June Gold Exports Jump 44% as Bullion Returns to UK

Published: July 17, 2025

Switzerland’s gold exports surged by 44% month-on-month in June, hitting their highest level since March, according to Swiss customs data. The primary driver for this increase was the return of bullion to vaults in the United Kingdom after being processed through Swiss refineries.

This trend follows the reversal of a significant gold flow to the United States that occurred between December and March. Traders had moved large quantities of gold to the U.S. as a hedge against potential tariffs by the Trump administration. However, after Washington confirmed in April that bullion would be exempt, the gold began its journey back.

In June, Switzerland’s gold exports to the UK alone skyrocketed to 83.8 tonnes, a substantial increase from 16.0 tonnes in May and the highest figure recorded since August 2019.

This movement contributed to a significant rise in the total gold held in London’s vaults. According to the London Bullion Market Association (LBMA), holdings increased by 177.8 tonnes (2.1%) to reach 8,776 tonnes in June, the highest level since August of the previous year.

Source: MINING.COM (via Reuters)